if you have next to nothing to lose then setting up for a rally is fine. but for realists, you should setup for a long downside decline. its a safe bet.
Yeah I think that high wave candle at support on Q's could be misread! This so far has been a range bound market for 10 trading days so far, and only upon injecting 300 billion into the markets di the the market stabalize. Why they did this, they know anything with liquidity will be sold, and if that means their favoritie winning stock, wether it's RIMM or AAPl, they'll dump it to satisfy margin calls or provide cash to keeping on keeping on. A two day selloff is not much of a trend to reverse. I placed a few speculative longs on nice selloffs, that I hope to dump and go short again, but like a few here have said, shorting pops is the correct interpretation of this market so far. Or at most one to two days longs, max.
Not saying it won't go down from here, but I don't recall that much fear in March 2000. That's how people lost so much on tech stocks. Boiled frogs.
Yep I agree with you, now u need to get back to the party: http://www.youtube.com/watch?v=1Mv0KsuyiSU
if you think the 4yr long rally has come to a halt then yes, otherwise this area is not a bad spot at all to go long..at least worth to take a shot: <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1565128>
I think we haven't seen an ABC correction already, so i agree it is possible to see a rally of 2 to 3 weeks and then resume the correction with new lows, below the 1427 touched two weeks ago. Bye.
Look at the volume bars at the right side of that chart. This "correction" just might be different than the rest.
1. Disagree about the "fear"..... rather much complacency except for whiners like Cramer who are heavily leveraged in crappy debt instruments.... maybe they actually deserve to be taken to the wood shed? 2. Technically, market is set up for a bounce.. maybe back to the highs, maybe more.... negated if market closes and holds below lows of last week. 3. Best possible thing for the bulls...in addition to the technical setup, money pump by the Feds... not the obscure kind but rather the stated, "Don't worry, WE'RE PUMPIN'!" kind.
yeah there are a few things bothering me and the increase in volume is one them. i wonder also about IB doubling eminis margins requirements, and although there's plenty of bearishness around as usual, i gotta admit this time there's a smell of rotten flesh permeating the air.